Market Performance in Sectors - First Two Weeks of March 2016
It’s the first day of Spring. What’s moving in Toronto’s hot real estate market?
If you just say “everything”, that’s not helpful. What’s hotter and what’s hottest?
When then overall market is broken down into some of its sectors, you will see remarkable differences in performance.
In the first two weeks of March, here are some of the numbers:
There were 515 houses sold in Toronto and 1,711 in the suburbs. Activity is largely in the burbs. The average price was $1,162,110 in the City and $831,107 in the suburbs.
Sales were up 4.7% in the City and 25.3% in the suburbs.
For average prices, they were up 5.7% in the City and 18.9% in the suburbs.
You will see that with the high prices in the City, and two Land Transfer Taxes in the City, that Buyers are seeking detached houses in the suburbs. That would indicate that many have given up, or would prefer a detached in the suburbs to a semi in the City.
There were 150 semis in Toronto sold and 1,711 in the suburbs. The average price was $839,535 and $555,340 in the suburbs. Kindly note that it would cost more for a semi in the City than a detached in the suburbs. As a result, some Buyers are looking to that opportunity.
Compared to last year, sales were up 31.6% in the City and 30.5% in the suburbs. So, that’s about the same.
In terms of average prices, that’s 7.2% in the City and double that, 15.3% in the suburbs. That means that the “rush” to buy semis is in the “burbs”.
There were 177 townhouses sold in the City and 512 in the “905” (short form for the suburbs. The average price was $656,954 in the City (416) and $491,586 in the burbs. That’s a substantial price differential.
Sales are up 14.2% in the City and 10.3% in the burbs.
When it comes to prices, the increases are 22.2% in the City, compared to 12.2% in the suburbs. That means more strength and more interest in City townhouses. Essentially, a Townhouse in the City now costs what a Semi would cost two years ago.
There were 756 condominium apartments sold in the City and 341 in the 905. Clearly, the “activity” here is in Toronto. The average price is $409,101 and $337,214 in the 905.
When it comes to sales, the percentage increases show 16.5% in the City and 27.7% in the 905. Again, there is pressure in this area.
Price increases are rather interesting: 2.7% in the City and 11.5% in the 905.
So, while there are more condos in the City, the spot with the escalating demand and the escalating prices is the 905 area.
Interested in discussing the market, give me a call.
Brian Madigan LL.B., Broker